On June 14, the National Assembly of Vietnam approved the “Law on the Digital Technology Industry”, which establishes regulatory supervision of the industry. This is reported by local media.
The law shares digital assets into two categories: virtual and cryptocurrency.
Virtual assets – a form of digital assets used for exchange or investment. They do not include securities, digital analogues of fiat currency or other financial instruments determined in accordance with the law.
Cryptocurrency assets are digital assets that use encryption technology to check transactions and property rights. Like virtual assets, they clearly exclude securities, digital fiat currency and other financial assets within the framework of existing legal framework.
The provisions of the document will enter into force on January 1, 2026. They will contribute to the “digital transformation, opening the way for the steady growth of domestic technological enterprises, their deep integration in the world market and the creation of new Vietnam positions on the world arena.”
Now the government is instructed to develop specific conditions for doing business and mechanisms for supervision of this area of market.
The document also provides for cybersecurity measures and counteracting money laundering that meets international standards.
In addition to cryptocurrencies, new norms indicate the desire of Vietnam to become a center of digital technology.
The law is aimed at increasing the share of domestic production in the field of AI, semiconductors and infrastructure by taking strategic measures and targeted support policy. Enterprises with foreign investments are invited to transfer technologies and cooperate with local companies. As part of the incentives, they will be given a decrease in income tax by several years.
In October 2024, the Vietnam government adopted the National Strategy for the use and development of blockchain technology for the next five years.
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Source: Cryptocurrency
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